Results for "independent broker-dealers"

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Cleaning up tainted broker records becomes a cottage industry for one law firm

January 3, 2019

Critics may take Dochtor Kennedy to task for helping brokers clean up their disciplinary records, but no one can argue with his success. The 39-year-old president and founder of AdvisorLaw, which specializes in removing customer complaints from...

Another LPL adviser sues Ohio National over variable annuity commissions

January 2, 2019

Another LPL Financial adviser has sued Ohio National Life Insurance Co. and its subsidiaries for ceasing the payment of trail commissions on certain variable annuity policies, joining a chorus of other parties to have filed similar legal claims...

Biggest events for advisers last year

December 28, 2018

At the 2018 MarketCounsel Summit I was asked for the most important "breakthrough" moments for our firm. As we reach the end of the year, I believe we should reflect on the most important developments in the wealth management industry as a whole,...

Phillip Frost sells most of his Ladenburg Thalmann shares

December 24, 2018

Months after being charged with securities fraud by the SEC, Phillip Frost, the former chairman of Ladenburg Thalmann Financial Services Inc. and the largest shareholder, has sold most of his stake back to the firm. In a press release Monday...

Will LPL's new emphasis on recruiting from wirehouses pay off?

December 21, 2018

Recent moves in the recruiting group at LPL Financial make it clear that the firm is trying to target more registered reps and financial advisers who currently work at wirehouses and convince them to leap to a broker-dealer where they labor...

Cetera fined $1.4 million for award-winning broker's excessive trades

December 20, 2018

Cetera Advisor Networks must pay nearly $1.4 million in fines and restitution in relation to the short-term mutual fund purchases of a former broker, who'd received sales awards from the broker-dealer for two consecutive years. The Financial...

Surging upfront recruiting checks carry significant risks for independent advisers

December 19, 2018

The recruiting wars are heating up, but this time, the primary battlefield is among independent firms rather than between wirehouses. Yet the more things change, the more they stay the same, especially when it comes to upfront checks for new...

SEC, Finra investigating GPB fund raising: sources

December 18, 2018

In the wake of a state investigation into broker-dealers selling private placements by GPB Capital Holdings, the Financial Industry Regulatory Authority Inc. and the Securities and Exchange Commission have launched their own investigations,...

Regional broker-dealers quietly making comeback now, but the future remains uncertain

December 15, 2018

The financial advice industry frequently focuses on the rise of registered investment advisers and the independent broker-dealer market when it talks about trends in the business. But quietly making a comeback are regional broker-dealers, firms...

Ex-Securities America broker suspended for hidden options trades that hurt client

December 11, 2018

A Securities America broker who was fired has been suspended from the industry for six months in the wake of allegations that he traded options in a client's account without notifying his firm. The broker, Michael D. Jackson, recommended that...

Wentworth Management Services buys World Equity Group

December 7, 2018

Broker-dealer M&A activity continues as 2018 draws to a close, with Wentworth Management Services on Friday announcing its acquisition of World Equity Group, a midsized independent broker-dealer outside Chicago with close to 180 brokers and...

LPL Financial recruits five advisers from PNC Investments

December 6, 2018

LPL Financial has recruited a five advisers managing $225 million in client assets from PNC Investments. The advisers will align with Bedminster, N.J.-based Gladstone Advisors, and LPL's broker-dealer and corporate registered investment adviser...

LPL buys AdvisoryWorld for $28 million in cash

December 3, 2018

LPL Financial has acquired AdvisoryWorld, a 31-year-old adviser technology firm, for $28 million in cash. AdvisoryWorld produces a suite of digital tools for investment analytics, portfolio construction and proposal generation. More than 30,000...

LPL recruits $300 million Founders Federal Credit Union group from Cetera

November 28, 2018

LPL Financial has recruited a team managing $300 million from Cetera Advisor Networks, one of six independent broker-dealers under Cetera Financial Group. Founders Investment Services, an advisory unit of Founders Federal Credit Union in Lancaster,...

Independent broker-dealers fastest-growing brokerage group

November 28, 2018

Independent broker-dealers saw the greatest asset growth over the past five years compared with other types of broker-dealers, according to new research from industry consultant Cerulli. IBDs posted a compound annual growth rate in assets of...

Finra fines H. Beck $400,000 for unsuitable sale of variable annuities

November 21, 2018

The Financial Industry and Regulatory Authority Inc. fined H. Beck $400,000 Tuesday for failing to mandate and enforce its own written supervisory procedures, resulting in the unsuitable sale of L-share variable annuities tied to long-term riders....

As it works to pull off a merger, FS Investments admits shortcomings

November 20, 2018

In a highly unusual move for an investment company, FS Investments is currently performing a "mea culpa" for investors and financial advisers. Any expression of weakness or regret in the kill or be killed world of the asset management and brokerage...

Ohio National lays off chief distribution officer; president retires after three months on the job

November 20, 2018

Ohio National Financial Services Inc. laid off its chief distribution officer, H. Douglas Cooke, at the same time that president and chief operating officer Christopher Carlson has decided to retire, three months after being promoted. The executive...

Fortress Biotech selling its majority stake in National Holdings

November 19, 2018

National Holdings Corp., home to about 700 independent registered reps and advisers, said Monday that B. Riley Financial is buying a 49% stake in the broker-dealer. B. Riley Financial, which owns a variety of financial services businesses, bought...

Auditor walks away from private placement firm GPB Capital

November 14, 2018

Investors in private placement funds of GPB Capital Holdings who have been waiting for financial statements for its two largest funds will have to keep on waiting. GPB said in August it was overhauling and restating the 2015 and 2016 financial...

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